How much is it to get an LLC?

Question

Hey everyone! Hope you all are having a great day.

Just a quick question.....Most investors I talk to all say the same thing. Get a LLC!

How much do they cost on average?

Thanks,

Kyle

Kyle Evans · Answer

Awesome thanks everyone! I really appreciate the feedback and advice!

Kyle

@Curt Davis @Glenn McCrorey Ryan Dossey

Glenn McCrorey · Answer

It's $50 to register with the state in Iowa but banks have asked me for the Articles of Organization and the Operating Agreement.  That is what cost $300, just to be clear.

Ryan Dossey · Answer

They are super cheap in Missouri like $50.00. I looked up in your state. See the link below.

http://www.cyberdriveillinois.com/publications/business_services/llc.html

Glenn McCrorey · Answer

I had one created by an attorney and one with Legal Zoom.  They look about the same and both cost about $300-350 (in Iowa).  Some people might say if you have no personal assets what is the LLC protecting?  I suppose it depends on your assets and investment goals.  I have purchased all but my first property in an LLC.

Curt Davis · Answer

@Kyle Evans

To my memory you will spend around $325-$350 to get one set up.  Also keep in mind you will also have to have yearly renewal fees in the estimated amount of $325.  Then if you do any deals with your LLC you will have to file a tax return for it.

If protection is what you are concerned about then get more insurance coverage.

Good luck